Glenmark Life Science (GLS) shares began trading at Rs 751/share as it made a meek listing on the stock exchanges on August 6. The stock exchanges have been hit by a muted market momentum. Glenmark Life Sciences’ listing is up 4.32% from the IPO price of Rs 720 per share. On listing, the company commanded a market capitalisation of Rs 9,203 crore.

Glenmark Life Sciences’ IPO was a mix of equity shares and an offer for sale (OFS).

Last week, GLS’s IPO had received a strong response from investors. GLS, which is a subsidiary of the already listed Glenmark Pharmaceuticals, develops and manufactures high value, non-commoditized APIs. It has a portfolio of 120 products. with a portfolio of 120 products.

“Company is bringing the issue at price band of Rs 695-720 per share at p/e multiple of 25 on post issue FY21 eps. The company having leadership in select high value, non-commoditized APIs in chronic therapeutic areas enjoys strong relationships with leading global generic companies,” Financial Express quoted Hem Securities, an analyst group as saying.

After a few minutes of trade, Glenmark Life Sciences‘ share price extended its opening gains to jump 9% from the IPO price and traded at Rs 783.75 per share.

Glenmark Life Sciences IPO was subscribed 44.17 times by investors. Retail investors bid for 14.63 times their portion while Non-Institutional Investors (NII) bid for a whopping 122.54 times their quota.

Qualified Institutional Buyers (QIB) subscriptions remained at 36.97 times. Half of the issue was reserved while 35% was kept for retail investors and 15% for NIIs.

“Considering the FY-21 adjusted EPS of Rs 28.69 on a post-issue basis, the upper price band implies a P/E of 25.09 with a market cap of Rs 88,220 mn, while its peers namely Divi’s Laboratories, Laurus Labs and Shilpa Medicare are trading at a P/E of 64.0, 36.1 and 36.5 respectively,” Financial Express quoted analysts at Marwadi Financial Services as saying.